Nifty 50 Surges to Record High, IT and Energy Stocks Lead the Rally...

EQUITY BULLETIN FOR 12 JUNE 2024

The Nifty 50 index surged over 150 points to a new record high, driven by gains in IT and oil & gas stocks, while FMCG and consumer durables declined. The index reclaimed the 23,400 level, setting a fresh lifetime high at 23,441.95, and the Sensex came within 30 points of its record high of 77,079.

This upward movement in the frontline indices comes ahead of the US CPI data and the Fed policy outcome due today.

Additionally, the Nifty Midcap 100 surpassed 54,000 for the first time, hitting a new record high of 54,207.

Nifty Future Overview

Nifty breached its near resistance and sustained above the same in today's trading session. Now we will expect it to test 23600+ mark in upcoming sessions.

Now Nifty has major support around 23350 and upside resistance around 23480. Break and sustain above 23480 could propel Nifty towards levels of 23550-23600.

Conversely, a downturn below 23350 may trigger a decline to 23280-23350 levels. Buy on any sharp dip will be a buying opportunity for the upcoming sessions.

Trading Strategy for Nifty Futures 

Traders are advised to consider buying Nifty Futures around 23350, with a stop loss set above 23250 for potential targets up to 23480—23550 levels.

Bank Nifty Overview    

After a positive start, Bank Nifty faces a hurdle around 50300 level and corrects till 50K mark. Overall trend is bullish and we will expect more upside in upcoming sessions.

Now Bank Nifty Futures has a near support range around 49900 and resistance at 50300, sustained movement beyond 50300 could lead Bank Nifty towards 50500-50600 levels.

Conversely, a breach below 49900 may drive it down to 49700-49500 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future above 50300 with a stop loss below 49900 for the upside movement till 50600—50800 levels in an intraday trading session.

In conclusion, traders are advised to remain vigilant amidst market fluctuations and capitalize on strategic entry and exit points to optimize their trading endeavors.

Stock Pick of the Day

BAJFINANCE (12/06/2024)

Buy Bajfinance Future above 7250 for the upside move till 7400 and then to 7500 levels in the coming days. Stop loss below 7100.           

Stay tuned for further insights and updates from Millennial Investor Services - Your Trusted Stock Market Advisory Partner.  

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